NMDC dips on government's plan to divest 10% stake

The government will select four merchant bankers for the stake sale

Shares of NMDC were down over 2% at Rs 99 on the Bombay Stock Exchange amid reports that the government has invited bids from merchant bankers for the proposed 10% stake sale in state-owned company.

The government plans to select four merchant bankers for managing the stake sale in NMDC, Press Trust of India said in a release. (Click here for the full report)

Currently, the government holds 3.17 crore shares or 80% of the equity capital of the company.

The stock opened at Rs 100 and touched a high of Rs 101. At 2:40pm, over 1.7 million shares were traded on both the stock exchanges.